You know your reasons for wanting to purchase a franchise. But does your family also know?
Or should we say:
Have you been able to convince your family that you have good reasons for buying a franchise?
If you have done that, congratulations. It can be hard to convince your family members that buying a franchise is a good decision for you.
But if your family was not convinced …that is, if your pitch was not good enough, what else can you do to make them see why buying a franchise is such a great idea?
Is there a way you can relieve their concerns?
Well, there is
Get Some Ammunition
You need to get ammo. In this case, facts – for the reasons why you want to own a franchise instead of getting out there and looking for a job.
Below are four reasons to convince your family that franchising is a good fit for you and some facts to support them:
You Wish to Have More Control over Your Life
When you own a franchise business, you will have more control over your life. For instance, if you won’t be coming to work because you are ill, you can just call in sick. If you want to have some days off for vacation, you don’t have to request permission. You are free to do anything you want.
If your son is playing a basketball game hundreds of miles away, you can travel to attend the game. And it won’t be like all those “boring” business trips.
We are sure there are many other examples you can think of
You Want to Follow Another Person’s Business System
The franchise business model is all about following a system. A system that has proven to work time and time again.
Let your family know that you will not have to start from scratch or reinvent the wheel.
Alternatively, you can have your family members spend some time learning about franchising and what is involved. The more knowledge they have about franchising, the easier it will be for you to convince them to buy your idea since they will already know how great the franchise model can be.
You Want to Be in Business as Soon as Possible
If you are thinking of starting a franchise business, your family members may be worried that you won’t be getting the steady paycheck you used to receive as an employee when the business starts.
You can ease your family’s worries by telling them that one of the good things about franchising is the speed at which it will get you in business. Once you sign an agreement with the franchisor, things will start to occur. Things that will enable you to get your business off the ground quickly, so you can begin to make money and start paying yourself.
You Want to Grow Equity
If you are getting a restaurant franchise, you won’t find it difficult to convince your family that you’ll be able to build equity in the business.
First of all, everyone knows how popular food franchises are. A lot of people know about food franchises, especially those that sell fast food. Also, when you are a food franchise owner, the business assets belong to you. You will need a lot of equipment to run the business, and the location is most likely a very good one. Add the fact that you will be operating under a well-known brand into the equation, and it’s easy to see the possibility of growing equity in the business. In essence, food franchises are an easy sell.
But if you are looking to buy a different kind of franchise, for example, a consulting franchise, it’s good to ask the franchisor how you will be able to grow equity in the business. Talk to the franchise owners as well. And let your family know the information you get about equity-building.
The Takeaway
You need ammunition (facts) to convince your family that buying a franchise is a good idea. Get many facts as possible and share them. Seek the blessing and support of your family members. You are going to be happy you did.
